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In a bold display of confidence, Bitcoin investors moved a record $1.7 billion into accumulation wallets as the cryptocurrency's price dipped below $63,000 on April 16, highlighting a surge in buying during the market dip.
Record $1.7 Billion in Bitcoin Shifted to Accumulation Wallets as Prices Dip
In a recent report by Cointelegraph, Hardcore Bitcoin holders added a record $1.7 billion BTC to 'accumulation' wallet addresses in a single day as Bitcoin plunged below $63,000 earlier this week.
According to the most recent CryptoQuant data, more than 27,700 BTC—worth $1.75 billion at current prices—were delivered to accumulation addresses in a 24-hour period between April 16 and 17, setting a new daily record for Bitcoin. The previous record of 25,500 BTC transmitted to accumulation addresses in a single day was set on March 23 this year, when the price of Bitcoin was also around $63,500.
This data demonstrates a surge of motivated buying around the $63,000 mark, implying that large, dedicated investors remain confident in accumulating and keeping Bitcoin for the long run.
Experts Predict Last Chance to Buy Bitcoin at Low Prices Before Post-Halving Surge
An accumulation address is a Bitcoin wallet with no previous withdrawals and a balance of at least 10 BTC. These addresses were screened to eliminate wallets known to be associated with Bitcoin miners and cryptocurrency exchanges. They must have been active at some point in the last seven years.
Several market observers, notably pseudonymous trader Rekt Capital, believe that the first few months of this year may be the final time investors buy Bitcoin at "bargain prices" before a post-halving rally event.
In an April 17 post to their 453,000 X followers, Rekt Capital stated that Bitcoin price action was following a trend similar to past halving cycles.
Rekt noted that the recent slump, which has seen BTC drop more than 14% from its all-time high of $73,600 on March 13, was predicted as part of a "pre-halving retrace."
They projected that Bitcoin might undergo a "re-accumulation phase" following the halving event, which is scheduled for April 20.
“Once Bitcoin breaks out from the re-accumulation area breakout into the parabolic uptrend. Historically, this phase has lasted just over a year (~385 days) however with a potential Accelerated Cycle occurring right now, this figure may get cut in half in this market cycle,” Rekt added.
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